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  1. #1
    Junior Member

    Gold Trades Lower on Profit-taking !!!

    Gold futures traded lower in the early part of Tuesday’s Asian session as traders locked in the some profits on the yellow metal following a decent showing in Monday’s U.S. session.

    On the Comex division of the New York Mercantile Exchange, gold futures for August delivery fell 0.15% to USD1,281.55 per troy ounce in Asian trading Tuesday after settling up 0.47% at USD1,283.55 a troy ounce in U.S. trading on Monday, up from a session low of USD1,273.35 and down from a high of USD1,293.55 a troy ounce.

    Gold futures were likely to find support at USD1,266.55 a troy ounce, Friday's low, and resistance at USD1,297.05, Thursday's high.

    Gold got a modest lift Monday amid some tepid U.S. economic data. In U.S. economic news out Monday, U.S. retail sales rose 0.4% last month, well below the 0.8% increase economists expected. Excluding sales of automobiles, gasoline and building materials, retail sales rose just 0.1% in June following a 0.2% increase in May.

    The New York Federal Reserve’s Empire State Manufacturing Survey rose to 9.46 fro, 7.84 in June. Economists expected a reading of 5.

    Read more: http://mcxstar.com/gold-trades-profit-taking

    mcx tips >> trading tips

  2. #2
    Legendry Member milos's Avatar
    Gold price has been increased by 0.50%. It was risen by trader psychology.Tomorrow it will be clearer.

  3. #3
    Veteran Member hchandra's Avatar
    Base on chart, looking for 1300 - 1330 area
    Click image for larger version. 

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    today and tomorrow seems will become moment of truth, whether Fed will push the dollar down more or they will start another rally in dollar.
    Will wait patiently for now. Hoping for the 1300-1330 to place PUT.

  4. #4
    Senior Member LeeChang's Avatar
    Yes hchandra,

    Now is the perfect moment to place a high probability Put on gold. The correction looks like it is over and a new leg down could start after the FED chairman Bernanke speech this afternoon.

  5. #5
    Veteran Member hchandra's Avatar
    Quote Originally Posted by LeeChang View Post
    Yes hchandra,

    Now is the perfect moment to place a high probability Put on gold. The correction looks like it is over and a new leg down could start after the FED chairman Bernanke speech this afternoon.
    Hi LeeChang,
    Fed seems dovish in the announcement, Bernanke said Pace of Bond Purchases Not 'On A Preset Course'
    it can be faster or it can be slower, I think market currently waiting for clear confirmation, is it bear or is it bull?
    I think looking at the chart with lower low in dollar, we can assume currently gold might have chance to go up,

    Other consideration for dollar bull:
    Beige book, NFP, unemployment, all show strong number,
    only housing number that is weak and dovish Bernanke testimony for now

    Mix signal, but just follow the freshest news I think the best,
    Click image for larger version. 

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    It's okay for dollar index to fall to 81, if it bounce there, price still making higher high in daily chart.

    For Gold, yes, still waiting for PUT at 1300 - 1330
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  6. #6
    Legendry Member milos's Avatar
    The price of gold continued to rise as investors continued to invest in this precious metal after Ben Bernanke confirmed that by the end of this year will probably be no reduction of monetary easing. Continuation of the bond-buying program that breaks the dollar stimulates the growth of demand for gold as a safe investment. During the trading price rose 0.42%.
    Key levels
    1320 resistance
    1300 pivot point
    1290 last
    1279 support
    1267 support

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